On November 7, 2024, Nigeria's national grid collapsed for the 10th time this year, marking the second occurrence in just three days. The collapse resulted in widespread blackouts, with power generation plummeting to zero megawatts at 11:30 a.m. Electricity distribution companies, including Ikeja and Eko Electricity Distribution Companies, promptly informed their customers about the outages through social media channels. This ongoing crisis has raised significant concerns among citizens and institutions alike, including the University of Lagos (UNILAG), which recently experienced a power cut due to unpaid debts exceeding N1 billion to EKEDC.
In response to the persistent power issues, a consortium backed by billionaire Jeff Bezos and the Rockefeller Foundation has announced plans to invest $25 million in Nigeria's energy sector. This investment aims to address the chronic power shortages that have plagued the country, exacerbated by the recent grid failures. The situation is further complicated by the high tariffs imposed on institutions like UNILAG, which has struggled to meet its electricity bills despite efforts to negotiate a phased repayment plan with EKEDC.
In a related development, Accugas Limited, a subsidiary of Savannah Energy Plc, has denied allegations of sabotaging the power supply in Akwa Ibom State. The accusations arose following a blackout in the region, which Governor Umo Eno attributed to debts owed by the Ibom Power Company to Savannah Energy. However, Accugas clarified that the outage was due to a fault in the 132-KV Aba-Itu transmission line. The company has been supplying gas to Ibom Power Company since 2014 and has invested over $1.5 billion in gas development in Akwa Ibom, including a recent $45 million investment in a gas compression project. As the government and private entities seek solutions, the urgency to stabilize Nigeria's electricity supply becomes increasingly critical. [210449ff][edf5625e][a7e0bbe0]